Geo Energy buys out a Kalimantan coal mine for US$90m
Acquisition doubles group's coal reserves; group to hold talks for billion-dollar supply deal over lifespan of mine
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Anita Gabriel
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Singapore
GEO Energy Resources has added a third coal mine under its belt that will double its coal reserves to over 100 million tonnes following its latest acquisition of a mine in South Kalimantan, Indonesia for US$90 million.
Sweetening the prospects further, the Singapore-listed miner said it will hold talks for "a life of mine offtake deal" worth at least US$1.2 billion on the mine, which has an estimated reserves of 44.4 million tonnes of coal. This refers to the supply of coal over the lifespan of the coal mine.
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